Yes — HECM for Purchase lets eligible seniors buy a primary residence with a reverse mortgage. Learn down payment, age rules, and how purchase HECMs differ from traditional mortgages.
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Reverse Mortgages
Can I Buy a Home With a Reverse Mortgage?
Yes — through HECM for Purchase. Eligible borrowers 62 and older can buy a primary residence by combining a significant down payment with reverse mortgage proceeds. There are no required monthly principal and interest payments while you live in the home, though taxes, insurance, and maintenance still apply.
The FHA HECM for Purchase program lets eligible seniors buy a new primary residence in a single transaction. Instead of getting a reverse mortgage on a home you already own, you apply reverse proceeds toward the purchase price at closing — combined with a down payment from your savings or the sale of your prior home.
This path suits buyers who are downsizing, relocating closer to family, or moving into a more accessible home — and who want to preserve cash flow by avoiding required monthly principal and interest payments. The youngest borrower must be at least 62, and the property must meet FHA eligibility standards.
Purchase HECMs differ from traditional forward mortgages: you need a larger down payment upfront, but you will not make monthly P&I payments while you occupy the home. HUD-approved counseling, a financial assessment, and mortgage insurance premiums apply. Ryan and Steve can outline typical down payment ranges for your scenario.
How seniors typically use HECM for Purchase to buy their next home.
Typical path from shopping to closing on a HECM for Purchase.
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Ryan & Steve can explain HECM for Purchase down payments and eligibility — not a commitment to lend; subject to credit and property approval.